Insurance policies can provide peace of mind and help reduce the financial risks involved with damage to property, accidents or medical expenses. There are a lot of insurance products on the market. This guide will cover three types of insurance you may wish to consider purchasing.
If you own or drive a vehicle, you are probably required by law to purchase some type of automobile insurance. The coverage you are most often required to purchase is liability. Liability coverage protects you if you become liable for damage to another person or their property that results from the operation of your covered vehicle. If you are unsure whether you are required to have this coverage or how much of it you need, you may wish to consult with an insurance agency newark de. Other types of coverage include collision, comprehensive, uninsured motorist, medical payments and gap insurance.
As of this writing, the federal requirement for individuals to purchase health insurance is no longer in effect, however, some states still have their version of an individual mandate. Whether you are required to purchase health insurance or not, you may wish to consider doing so, due to the potentially catastrophic cost of health care.
If you own your home, you will probably want to consider purchasing homeowners insurance. If you have a mortgage, your lender may require it. Homeowners insurance combines protection for damage to your home and personal property with liability coverage for certain types of injuries or property damage. If you’re a renter, you may want to purchase insurance for renters that covers damage to your personal property and may also include some type of liability coverage.
These three types of insurance aren’t the only policies you may wish to consider purchasing, but they are the three most common ones. Your insurance agent can assist you with choosing the coverages that best fit your needs.